E-way bills in October may exceed September figures due to festive season
Experts estimate that e-way bills will exceed September levels in October 2021, as production ramps up to meet increased demand throughout the festive season. The increase will boost tax collections and economic recovery trends even further.
The current daily average of over 2.17 million implies that the overall month’s e-way bills may well reach 67 million, similar to September, although Christmas orders are likely to pump up more demand, resulting in higher numbers.
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“We expect the daily average generation of the GST e-way bills in October 2021 to surpass the peaks seen in February-March 2021, boosted by healthy demand during the festive season,” said chief economist at ratings agency ICRA.
According to available data, nearly 37 million e-way invoices were generated as of October 17 and making a daily average of 2.17 million. Despite the fact that the daily average for September was 2.26 million, the overall number of bills generated was 67.9 million.
The growing trend in e-way bill generation has extended since July, when 64.1 million bills were issued on an average daily basis of 2.06 million, followed by August, when 65.8 million bills were generated on an average daily basis of 2.12 million.
Experts predict that the stronger trend will result in increased goods and service tax collections in October. GST collections in September stood at Rs 1.17 lakh crore, up from Rs 1.12 lakh crore in August and Rs 1.16 lakh crore in July of this year.
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